By Jennifer Chiou
New York, April 25 - Autoliv, Inc. announced that subsidiary Autoliv ASP, Inc. issued a total of $1.25 billion of notes in the following tranches:
• $208 million of five-year senior notes with an interest rate of 2.84%;
• $275 million of seven-year senior notes with an interest rate of 3.51%;
• $297 million of 10-year senior notes with an interest rate of 4.09%;
• $285 million of 12-year senior notes with an interest rate of 4.24%; and
• $185 million of 15-year senior notes with an interest rate of 4.44%.
The Stockholm-based automotive safety systems company said in a press release that the notes have an average interest rate of 3.84%.
The company said that the notes are intended to help it achieve its long-term leverage ratio target of around 1 time.
Proceeds will be used to refinance existing debt and for general corporate purposes.
"We are very pleased with the response to our debt offering, which resulted in favorable terms and conditions," chief financial officer Mats Wallin said in the release.
"This positive response provided an opportunity to better align our long-term debt with our long-term leverage ratio target."
| Issuer: | Autoliv ASP, Inc.
|
| Issue: | Senior notes
|
| Total amount: | $1.25 billion
|
|
|
| Five-year notes
|
| Amount: | $208 million
|
| Coupon: | 2.84%
|
|
|
| Seven-year notes
|
| Amount: | $275 million
|
| Coupon: | 3.51%
|
|
|
| 10-year notes
|
| Amount: | $297 million
|
| Coupon: | 4.09%
|
|
|
| 12-year notes
|
| Amount: | $285 million
|
| Coupon: | 4.24%
|
|
|
| 15-year notes
|
| Amount: | $185 million
|
| Coupon: | 4.44%
|
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